Significant changes at Salvus

The directors say the manager has been appointed for another five years saying they have employed a successful investment strategy and met all their obligations.

Salvus Asset Management is made up of Andrew Couch and Simon Wilson.

The directors of the trust said in a statement to the NZX they have extended the “non-termination period” of the management agreement to May 2014.

“The independent directors consider that the manager has employed a successful investment strategy as shown by the historic relative outperformance of fund and has exceeded all of its obligations under the management agreement to date.”